KUALA LUMPUR – Foreign Minister Datuk Seri Mohamad Hasan has stressed the importance of increasing trade within Asean to safeguard Malaysia’s economy, warning that over-reliance on a single trading partner could leave the country vulnerable if circumstances change.
Speaking in the Dewan Rakyat today, Mohamad acknowledged the challenges in expanding intra-Asean trade but said it was necessary to reduce dependence on any one nation.
“It (increasing trade within Asean nations) is a challenge, but it is a necessity now as we cannot overly rely on any one nation as a trading partner (as) we would be brought to our knees if anything were to happen.
“This is what we’re trying to avoid, which is why we also joined BRICS (as a country partner) to widen our markets. At the same time, existing markets within Asean have to be explored,” Mohamad said in response to a question from opposition leader Datuk Seri Hamzah Zainudin (Larut-PN).
On Malaysia’s economic ties with the United States, Mohamad said Putrajaya is closely monitoring policies introduced by President Donald Trump’s administration.
Reports assessing their impact on Malaysia will be submitted to the Cabinet, he said.
Mohamad said it cannot be denied that US policies will have some effect on Malaysia, particularly in trade.
“As a country whose economy relies heavily on trade, the impacts are there whether directly or indirectly. We are monitoring the situation (and) reports will be presented to the Cabinet from time to time.”
Prime Minister Datuk Seri Anwar Ibrahim (Tambun-PH) earlier said that Malaysia will maintain active engagement with the US while working to diversify trade and investment opportunities.
He noted that Trump’s use of tariffs as a negotiation tool underscores the need for Malaysia to strengthen economic ties with multiple partners.
The US is Malaysia’s third-largest export destination, after Singapore and mainland China. – February 4, 2025